Answered: A purchase of an asset on account a.…

A purchase of an asset on account a. decreases expenses. b. decreases owner's equity. c. increases cash. d. increases assets.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A purchase of an asset on account
a. decreases expenses.
b. decreases owner's equity.
C. increases cash.
d. increases assets.
83

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